Islamic Finance

Saudi Central Bank allows mothers to open bank accounts for their children

Published 28 May,2021 via Arab News - Economy RIYADH - The Saudi Arabian Monetary Authority (SAMA) said it will allow mothers to open bank accounts on behalf of their children, so long as they are minors.

SAMA said in a circular on its website it is keen to contribute to empowering maternal clients to manage their children’s affairs. Children’s account will be in the name of the minor but a subsidiary of the mother’s account .

Saudi Arabia was the top reformer and improver among 190 economies in the World Bank’s Women, Business and the Law 2021 report, achieving a score of 80 out of 100, compared with last year’s 70.6.

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